Taiwan Mobile Co (台灣大哥大) yesterday said it started a new round of talks with private-equity firm Carlyle Group to acquire the nation’s No. 2 cable television operator, Kbro Co (凱擘), after the two sides failed to close a NT$32.8 billion (US$1.02 billion) deal by deadline because of regulatory restrictions.
The nation’s second-biggest telecom operator said it was aggressively seeking new options.
The initial talks fell through because the Cable Television Act (有線電視法), enacted in 2003, bars the government from investing in media companies. The Taipei City Government indirectly owns shares of Taiwan Mobile though its 15 percent stake in Fubon Financial Holding Co (富邦金控), which is the parent company of the telecom carrier.
The shares were acquired in a share-swap by Fubon’s banking unit in 2005.
“Both sides have a strong interest in completing this deal. We are working on new options to facilitate [the transaction]. There are also discussions between the companies about new terms including price,” Taiwan Mobile spokesperson Josephine Juan (阮淑祥) said by telephone.
“We are open to all kinds of possibilities including that. Nothing is final yet,” Juan said in response to a question on whether Taiwan Mobile would consider spinning off its cable TV business in order to buy Kbro without breaking the law.
Taiwan Mobile inked a deal with the US private equity firm in September last year to buy 100 percent Kbro shares for NT$32.8 billion in a cash-and-share swap deal.
The contract expired yesterday because of the National Communications Commission’s opposition.
Taiwan Mobile had pinned its hopes on a revision of the regulations to allow the government, political parties and the military to own less than 10 percent of media companies.
The draft amendment has not passed the legislature.
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